1964_SECURITIES_ORDINANCE — Page 39

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CAP. 333]

Securities

[1989 Ed.

(2) After making such inquiry in respect of a registered person, the Commission may if it thinks fit-

(a) revoke the registration of the person;

(b) suspend the registration of the person for such time, or until the

happening of such event, as it may determine; or

(c) reprimand him or, in the case of a registered person that is a corporation, reprimand any director, secretary or person concerned in its management.

(3) The Commission shall not impose any penalty under subsection (2) without first giving the registered person and, in the case of a registered person that is a corporation, any director, secretary or person concerned in its management, an opportunity of being heard.

(4) Every decision of the Commission imposing a penalty under subsection (2) on a person shall be notified to that person in writing and shall include a statement of the reasons on which it is based.

(5) For the purposes of this section "misconduct" means--

(a) any failure to comply with any requirement of or imposed by or under this Ordinance or the Securities and Futures Commission Ordinance (Cap. 24) with respect to dealers, investment advisers or representatives;

(b) any failure to observe the terms and conditions of a certificate of registration;

(c) any act or omission relating to the conduct of business of a dealer, investment adviser or representative which is or is likely to be prejudicial to the interests of members of the investing public.

(Replaced 10 of 1989 s. 65)

57. Effect of revoking or suspending registration

(1) (Repealed 10 of 1989 s. 65)

(2) A revocation or suspension under this Part does not operate so as to-

(a) avoid or affect any agreement transaction or arrangement relating to a dealing in securities entered into by a person whose registration has been suspended or revoked, whether the agreement, transaction, or arrangement was entered into before or after the suspension or revocation of the registration; or

(b) affect any right, obligation, or liability arising under any such agreement, transaction, or arrangement.

(3) A person whose registration is revoked under section 55 (other than under subsection (2)(a)(v) or (vi) or (b)(iii)) or 56 may not apply to be registered under this Part, whether as a dealer, investment adviser, or representative, until the expiration of at least 12 months from the revocation. (Amended 58 of 1985 s. 15)

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